NAHMA HUD Update: Additional Financial Relief for Families through the Child Tax Credit

August 12, 2021

Dear NAHMA Members,

Please find a message below from HUD’s Office of Multifamily Housing regarding the financial benefits of the Child Tax Credit expansion included in the American Rescue Plan. The American Rescue Plan increased the Child Tax Credit to $3,000 per child for children over the age of six and $3,600 for children under the age of six, while also raising the age limit from 16 to 17. All working families who make up to $150,000 for a couple or $112,500 for a family with a single parent would get the full credit if they filed tax returns for 2019 or 2020, or if they received a stimulus payment from the IRS. As of mid-July, most families have started automatically receiving $250 or $350 per child per month. These payments do not count as income for any family and the benefit changes are only in effect through 2021. If a family did not earn enough money to be required to file taxes in 2020 or 2019, they can still get benefits through a non-filer sign-up.  For more information on how eligible families can benefit from the Child Tax Credit, please see the announcement below:

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News from HUD’s Office of Multifamily Housing Deputy Assistant Secretary

Help Us Get the Word Out on the Child Tax Credit

Dear Multifamily Stakeholder:

Please help us spread the word about the Child Tax Credit in the American Rescue Plan.

  • The Child Tax Credit in the American Rescue Plan provides the largest Child Tax Credit ever and historic relief to the most working families ever – and most families will automatically receive monthly payments without having to take any action.
  • President Biden’s American Families Plan calls for extending this tax relief for years and years.
  • Low-income families with children are eligible for this crucial tax relief – including those who have not made enough money to be required to file taxes.
  • The White House has led a cross-agency effort to ensure the expanded Child Tax Credit reaches the families who need it most. The IRS launched a Non-filer Sign-up Tool and published step-by-step guides in multiple languages.
  • The White House, Treasury and the IRS have worked to direct people to the tool in collaboration with advocacy groups, public figures and through awareness efforts like launching childtaxcredit.gov. 
  • Share #ChildTaxCredit and childtaxcredit.gov to spread the word. 
  • See this flier and access the toolkit for more information.

Child tax credit image

 

The IRS also has information here.

Thank you for your assistance in helping our communities learn more about this tax benefit.